Series 63 practice questioneasyAdministrator Powers — Subpoena
During a compliance drill, focus on how the Uniform Securities Act applies here. Prioritize the registration trigger and ignore irrelevant noise. The state securities Administrator has the power to issue subpoenas to:
- AAny person whose testimony is relevant to an investigation✓ Correct answer
- BOnly persons who have committed criminal violations
- COnly registered persons within the state
- DOnly broker-dealers and investment advisers
Explanation
Why A — Any person whose testimony is relevant to an investigation
Under USA Section 407, the Administrator may subpoena witnesses, compel their attendance, take evidence, and require the production of books, papers, or other documents relevant to any investigation or proceeding. This power is not limited to registered persons. The extra setup is just noise; the controlling state-law rule stays the same.
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